I am a forex trader with 18 months experience. I am happy to tell you that I am STILL struggling to become CONSISTENTLY profitable. I know an awful lot about technical analysis and price action. I have been in several live rooms, only to eventually find out that the presenter is a scam merchant and FAR from being a trader.

Dean Malone/Compass FX seem to have a VERY good reputation. My research lead me to have nothing but respect for the guy. The basic Synergy system seems good. So, I thought I would give them a go.

You download and install the indicators to your MT4 platform. Interestingly, they are all set to “allow dll imports” which means they are obviously sending bits of code back to Dean Malone/Compass FX.

Then you watch a large number of videos which are in the Advanced Synergy Member area. The videos are comprehensive insofar as they give LOTS of details on the indicators, but there is nothing which explains how to bring them all together into one cohesive trading strategy with fixed entry and exit criteria. Stop loss placement is never discussed!

So far, not great, but certainly not particularly bad.

OK. Into the live room.

This is where it all falls apart pretty quickly I’m afraid!

Of all the custom Advanced Synergy indicators, Dean only uses the Synergy Trade Signal and Volatility!! The others are nowhere to be seen on his charts [admittedly, the Synergy Trade Signal IS looking at the other indicators before signalling an entry].

Right, so, into the live room proper.

Dean starts the session by drawing in horizontal support and resistance lines. If price breaks support, look for shorts, if it breaks resistance, look for longs, we are told.

No explanation is given for why these levels are selected.

Then he starts looking at fib levels, 1-2-3 patterns, [very dubious looking] head and shoulder patterns and saying things like “if price gets to such and such a level, expect it to reverse, or break through and go to such and such a level.”

In one particular session, he also talked about Cable having potential to the downside all day, and then right at the end [just as Cable was pushing up], he had the brass neck to say that “look folks! I told you GBPUSD would break this level and head up!”

Well, I’m not being funny, but even I could do that!! It’s almost as good as saying price could go up or price could go down!!

During my entire time in the live room, NEVER did Dean refer to an Advanced Synergy entry.

Neither did he call his trades in advance.

In one particular instance, he said “I just got 10 pips out of that.” I queried him on it because it was a news spike and he traded GBPJPY without a stop loss!! He said he saw it “pop” and he jumped on it for 10 pips!!

I said that was a very risky strategy long term, trading news spikes on THE most volatile pair, without a stop loss, and he actually agreed with me!!! But he reckoned his “experience” allowed him to do it!

But the point here is, in fact, SEVERAL points here are:

1.He doesn’t call trades before/as he takes them. Details are only given afterwards. The usual live room excuse of “we are not a signal service” is rolled out. Well, I’m sorry, but this is not acceptable!! People join a live room to SEE how a professional trader takes his trades, with details of WHY he is thinking of entering, where his stop will go, and what his exit strategy is. Without this information, how can they learn!?

2.The MT4 platform which Dean shares with us is NOT the one he trades on. We can’t see entry/stop/target levels on the charts. Why?

3.Whichever platform Dean DOES trade on, he only trades MINI lots!! WHY??? If you were being cynical, it would be because you would get your calculator out and think.......... hmmmmmmmm... 280 people in the live room. They have each paid $97 a month for the Advanced Synergy indicators and $97 a month for the live room. My maths says that equals over $54,000 a month. Maybe THAT explains why he doesn’t actually TRADE?

4.Dean DOESN’T call his trades in advance. If people don’t even know he’s entering, how can they learn?

5.Dean DOESN’T trade a large account. WHY? I’d love to see him opening up a position with 50 full lots – and I’m sure everyone else would too!

6.If Dean is such a great trader, why isn’t he with an ECN Broker, instead of messing about with Compass FX? I’ll tell you why! Because, Compass FX are a retail broker. They trade AGAINST you – the retail trader!! You think there is another trader on the other side of your trade? THINK AGAIN!! You are trading against your broker – who has the power to manipulate price data to your charts, and spreads, and slippage etc etc...........

7.Dean DOESN’T even trade Advanced Synergy or even BASIC Synergy for that matter? WHY? Because I have looked at it and seen how many false signals it generates!!! THAT’S why!!

8.Dean trades without stop losses or targets. How do I know? Well, most of his trades produce a profit of less than 10 pips. MANY of them are as low as 2 or 3 pips. Didn’t know Advanced Synergy 2.0 was a scalping strategy? Well, you do now!! [although, like I said, he doesn’t actually trade Advanced Synergy!!]

One of many things I found amazing was that Dean obviously has a Bloomberg feed and just seems to keep quoting it ad nauseum!! I got the impression that he is more of a fundamental trader than a technical one!!

I believe that because Dean comes across as a “nice guy” he uses a psychological “transference” whereby no-one in the live room wants to upset him. 95% [newbies] of people in the live room must be sitting there TOTALLY confused, but thinking they must stick it out in order to learn what is going on.

The other 5% can see it for what it really is! A SCAM!! Dean Malone is not a trader! Why would you bother RISKING money, when you can earn over $50,000 a MONTH by running a live room in which you DON’T call out your trades before the event?

The whole setup is designed to get new traders involved and confuse them, to the point where they believe that Dean is a good, knowlegeable guy who they don’t really understand what he’s saying, but that they want to learn from, so that they DO understand!!

And every month that goes by, he collects nearly $200 from them!!

My message is simply this: Forex trading is, without question, one of the most [if not THE most] difficult endeavours a human being could ever undertake. THINK ABOUT THAT FOR A MINUTE!!! IT IS SOOOOO true, otherwise, you would not be reading this now!!

So, what’s the best way of making money in forex? Open a live room and don’t actually TEACH anyone anything!!!

You HAVE been warned!!!

I could go on and on and on about why this is a SCAM, but I think the above speaks for itself!!!

I was a member of Dean Malone's trading room for a month, and I agree with everything you said. He doesn't use the Synergy method in his live trading room, and he usually will mention any stop loss or take profit. What it seems that he does most of the time is enter a trade and just hold on to the trade until it gets a few pips in profit -- no matter how long the trade takes. This is a dangerous thing, because what if the trade goes in the opposite direction and then he could be down hundreds of pips?

I also wondered as you did -- if Dean Malone is such a great trader, then why doesn't he only use mini-lots? And if the Synergy system is so great - as he claims - then WHY doesn't he use it in the live trading room? It just seems fishy to me.

I think it is as you said ... in that the bottom line is that he is making so much money from his subscribers that he doesn't need to risk any substantial money in his own live trading account. Trading services such as Dean Malone, Steve DeWitt, etc., they are all the same. They make their REAL money off of their naive subscribers and not from their actual trading account.

Investigating further, compassfx is a broker, dean malone who runs the room is merely the marketing stooge who pulls people into the side show, to raise interest. once you sign up with the brokerage you are paying big ticket price for the performance.

This is nothing more than a marketing trick, the real money is made when you blow your account after being lured with the promise of an unbeatable signal service.

Wow... a lot of hate in this thread... in fact it's smokin' to say the least. Boys... when you become a professional trader you can trade the way you please. Dean averages 50+ pips profit per day for a few hours trading and so do a lot of his members. His room is not designed to call out enter now or exit now calls. You'll never learn to trade that way. He trades mini lots because most traders trade mini lots.He gives you heads up on pairs ready to move... but it's up to you to pay attention and make the trade.He offers 100's of free archived videos to learn to trade the Synergy System. Dean is a very successful trader traveling and teaching over the world.Compassfx is the most honest company I've met in the forex industry and the owners and staff are heads and shoulders above any other company I've encountered in this industry.The free Traders Dynamic Index indicator is fabulous. Just today using it I entered a E/U trade, 4H chart, 2 Lots. Opened Short at 6:46 AM at 1.2933 and exited a 5:15 PM at 1.2770 (pacific Time). This indicator alone has made me thousands of dollars over the last several years when I found their site.... and it's free.Not real sure why your making these comments but my exposure to Compassfx and Dean Malone have been 110%. Just my observations and my 2 pips....

Yes, Dean can indeed trade the way he pleases. But why does he SELL his Advanced Synergy strategy and then NOT actually trade it?

You say you'll never learn if he just calls out the trades. Well, you sure as HELL won't learn if he doesn't show you WHEN/WHY he is entering, where his sl and tp are etc. He doesn't even actually explain the strategy he is using!! I don't know what it is, but it CLEARLY isn't Synergy!

It's the easiest job in the world - retrospective trading. "Oh look guys! I just made 20 pips!"

He trades minilots because most traders trade minilots!!! I have never laughed so much in all my life!!!! HILARIOUS!!!

It's not even a real account!!

I have no problem with Compass FX - apart from the fact that they use Dean to sign up new customers to empty their accounts in Compass's direction..........

If Dean is such a great trader, he would be trading a live account with much bigger position sizes. He would call his trades IN ADVANCE and explain his thinking so that everyone could LEARN.

Hardly ANYONE in that room is making money consistently and they certainly aren't LEARNING anything from Dean. How can they when he only shows his trades AFTER the event and when they aren't even Synergy trades.

Anyway, this is turning in to a rant! And I don't want that!

I'm just trying to steer people away from a very credible and apparently well respected SCAM ARTIST............

Yes, Dean can indeed trade the way he pleases. But why does he SELL his Advanced Synergy strategy and then NOT actually trade it?

You say you'll never learn if he just calls out the trades. Well, you sure as HELL won't learn if he doesn't show you WHEN/WHY he is entering, where his sl and tp are etc. He doesn't even actually explain the strategy he is using!! I don't know what it is, but it CLEARLY isn't Synergy!

It's the easiest job in the world - retrospective trading. "Oh look guys! I just made 20 pips!"

He trades minilots because most...

Ignored

Gt3rs, I couldn't of wrote a better response myself!

Again, the million dollar question is -- WHY IS DEAN MALONE SELLING HIS "ADVANCED SYNERGY STRATEGY" BUT REFUSES TO ACTUALLY TRADE THAT SYSTEM IN HIS LIVE TRADING ROOM!???

It is a straightforward, simple question. I challenge Dean Malone to come here and give us an honest answer. However, I sincerely doubt we will ever see that day...

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Joined Nov 2008
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Status: Tech Analyst- Right 50% of the time
|560 Posts

What i have noticed in the video examples.

When pointing to the Heikin Ashi entry candle he may measure pip gains from the wrong end of the candle... LOL

However, because the system uses Heikin Ashi candles, the close of the body of the HA candle still does not measure the entry accurately.

Entry is often (on 5 min chart) more than 3 pip from the actual entry. 3 pip or more for short term traders can be significant.

Positives:
Impressed with the quality of the TDI indicator.
Impressed with the variety and coverage of videos in the archive.
Speaks with clarity on his videos.

Negatives:
In the video presentations he does not take into account that HA close is often different to real close, and therefore the actual quote that you enter on is different to how he measures it from the chart.
This is especially important for low TF traders.
.

I'd have to agree that I was totally unimpressed with the way the room was run when Dean was the trader. It was clearly a subscription collection machine and a marketing machine to sell their "premium" mentorship course etc.

On that note, I have spent a few nights listening to the new guy. He seems like he might be a real trader but I haven't had enough time to evaluate. Once again they are offering a "mentorship" course with the new guy.

Anybody have any opinions on him and the 3 day mentorship they are offering next week? The new guy seems better, but I still have a bad impression from before and I don't really want to feel ripped off.

You mean the guy called “Roonie”? I did the 3 day mentoring season and it was actually very good. It expanded to 4 days, plus he did 2 additional small summary seasons. I have been a member of few live trading rooms before and I have to admit it was a big waste of time, I have been following incompetent people and trying convince myself that these is the right way to trade. The good thing is that the live trading room (not the mentoring) is free so you can still follow his trade and listen to his commentary which is really interesting. The reason for the room to be free is that he also manages accounts and by running this room he advertise himself and also try to gain on credibility, which is fair enough if you ask me.

I thout it was 2 different rooms one of dean and one of ronnie i have follow ronnie some and he seems like a real trader they only thing that bothers me is the pipcount sometimes he is in 2 procent sometimes 1 sometimes less sometimes he get out of a trade with half position this is not into the count of pips. Also it is more of a signal service i think it is little like shut up and watch him trade. It is free atleast it was when ui was there last time 2 weeks ago. but they are thinking of charge it 200-300 dollar a mounth. I have not seen the mentoring ????

when i try to go to the synergytrading advance i get up it is costing 495 i think and thereafter 97 dollar or something like that a mounth following dean. Is this not different this is costing, ronnies dont ?

someone give a link to the mentoring of ronnie and please tell me more about it.

i was verry close to sign up with dean but i found this thread and now im not so intrested it scared me. It is little sad i had high hope for dean malone.